Lazard upgraded to Buy from Neutral at BofA/Merrill. BofA/Merrill analyst Michael Needham upgraded Lazard to Buy and raised its price target to $63 from $60 to reflect improving trends that will drive earnings higher. The analyst said there are signs European and EMEA M&A is improving and thinks Q1 could be a catalyst given his above consensus forecast, and expects a strong Q2 given the pipeline.